The government’s starting RET offer which reduces the legislated, previously bipartisan, and pre-election commitment of 41,000 gigawatt hours per year of renewable energy down to 27,000 has been turned down by the Labor Party. Why? Not just because of the environment, but because of economics.
By cutting the target almost in half, billions of dollars invested in the creation of solar and wind power generating devices will go to waste, and billions of dollars of investment will not happen. The 100 job losses at a wind turbine component manufacturer in Portland, Vic announced yesterday is just the beginning. Not to mention that power prices would continue to climb due to expensive fossil fuels picking up the slack.
Abbott and his cronies are trying to destroy a policy they promised not to touch. Then when Labor won’t co-operate they blame the opposition for the uncertainty that is destroying businesses. Read more about this story here.
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